ITTA/302/2012 of The Commissioner of Income Tax- III Vs M/s. Sujana Metal Products Limited on 5 February 2026

13447 |

IN THE HIGH COURT FOR THE STATE OF TELANGANA

AT HYDERABAO

THURSDAY, THE FIFTH DAY OF FEBRUARY

TWO THOUSAND AND TWENTY SIX

PRESENT

THE HONOURABLE SRI JUSTICE P.SAM KOSHY

AND

THE HONOURABLE SRI JUSTICE NARSING RAO NANDIKONDA

INCOME TAX TRIBUNA L APPEAL NO: 302 OF 2012

Appeal under Section 260-,q of the lncome Tax Act, .1961 aggrieve by the order dated 03.07.2009 passed in l.T.A.No. lo}4lHydlzoot for the Assessment year 2oo1-2@2 on the file of the lncome Tax Appeflate Tribunar, Hyderabad -Bench-B, Hyderabad.

Between:

The Commissioner of lncome Tax- lll, lT Towers, A.C. Guards, Hyderabad

...Appellant

AND

M/s. Sujana Metal Products Limited,

Hyderabad.

18, Nagarjuna Circle, Panjagutta,

...Respondent

Counsel for the Appellant : Ms.Bokaro Sapna Reddy (Senior SC lncome Tax)

Counsel for the Respondent : Mr. G. G. Ambareswari representing M/s. MN Advocates The Court delivered the following:

INTHE HIGH COURT FORTHE STATE OFTEI.ANGANA

AT FTYDERABA-D

THE HON'BIJ SRI IUSTICE P.SAM KOSHY

AND

THE HON'BLE SRI ruSTICE NARSING RAO NANDIKONDA

INCOME TAX TRIBUNALAPPEAL

o.302 of 2012

DATE:05.02.2026

llenvccr-t:

'l he (-ommrssioner oF Income Tax-III,

I l- '[tru'crs, A,C. Guards,

I Ir dcrabad.

AND

\I/s. Sujana Metal Products Limited,

l8 Nagarjuna Circlc,

l)rn jagutta, lJyderabad.

T]DGMENT: (pcr the Hon'ble Si Jutce P.San Ko l)

...Appellant

Respondent

I

Ilcard Ms. Bokaro Sapna Reddy, lcarncd Scnior Stantling (.ounscl for lncome 'Iax Department aPPearlng on lrehali oi thc apPcllant; and Mr. G.V Ambareswari, Iearned c()unscl rcPrese nting \l/s.\1.N. Advocatcs for the respondent'

2.

The instant appeal under Secrion 260A of the Income Tax Act, 196l,has been prcferred by the Department against the respondent /

assessee's Company aggrieved by the order dated 03.07.2009, in ITA.No.1084/HYD/2007, passed by the Income Tax Appellate Tribunal Bench'B'Hyderabad, for the assessmcnt ycar 2001-2002.

3.

The respondent at the time of flrling oI the appeal was known as M/s.Sulana Metal Products Limited. Subsequent\,, it is stated that the respondent Company's name has again gonc for a change by ln rebranding the same as M/s. Splendid Metal Products Limited

4.

The insant appeal is one which rvas filed in the year 201,2, ar,d upon being admitted, the matter stood pcnding before this Court for final headng. Today when thc mattcr is taken up ftrr hearing, the Iearned counsel for the respondent has informed the Court that the respondent Company has been subjectcd to insolvcncv procecdings at the behest of Punjab National Bank, the t'inancial crcditors of the respondent Company, who have approached thc National Oompany Law Tribunal, Hyderabad Bench ([or short 'NLC'I') ride LP (IB)

Pagc 3 of 4

No.66(r/7/lll)ll/2018 and the rcsPondent Company has gonc in [trr c()rp()rat(' rc srructurit]g of the same' The NCLT has at thc fust instarrcc rle crdcr datcd 04.04.2019, admitted the commencemcnt o[

Oorpo|atc lusolvcncl' Ilcsolution Process ([or short'CIRP) and also appointed ()uc Nfr. llsathisan as the Insolvency Rcsolution

l)rofcsstonal. rr,tro iu ttrrn, was directed to take chargc oi thc rcspondcn t ( .orn1'rrnr"s management.

5.

Siocc thc ( lll{l) has already commenced, we are o[ thc considercd opinion thar i[ at all if there is any claim that has to bc rnuclc lrr thc [)t:partment they would be frce to raisc thcir clairn :rgainst tht re s;rontlcnt {..ompany before the NCLT' As sucti, rtothing rern:rins tr, bc fulitrtlicatcd uPon in the instant appcal at this iuncturc'

(r-

\cc,,rrltnglv, thc lnstant appeal preferred by the Departrncnt st:rncls rlispt,sttl oi irr vicw of the insolvency proccedings dras'n arrinst tlrt rcsp,rudcnt (-ompany. However, thc right of thc [)cparttrtt rrt srl,rtls tcst'rt'cd to revive the appeal in tlrc cvcrrt it /'

,il

\

insolvency Proceedings before the NCLT pertatnlng ComPanY stands withdrawn'

to the resPondent

etilions pending i[ an1" shall stand

*55,S[lE,5ix H

As a sequel, miscellaneous P

closed. However, there shall be no otder as to costs To, ,/TRUE COPY/'

CTION OFFICER

The lncome Tax Appellate Tribunal'

Hyderabad-Be

h-8, HYderabad

One CC to Ms.Bokaro SaPna ReddY (Senior SC lncome Tax) [OPUC]

One CC to M/s. MN Advocates, Advocate [oPucl Two CD Copies

BA

w

DU

:.:.

HIGH COURT

DATED: OStO2t2O26